Maple Leaf Cement Factory Limited (MLCF) has submitted a Public Announcement of Offer (PAO) to acquire a 37.86% stake in Agritech Limited, totaling 160,762,209 ordinary shares at Rs 39.00 per share.
MLCF shared this development with the Pakistan Stock Exchange (PSX) through a notice on Wednesday. It designated Next Capital Limited as its advisor for the bidding process.
“On behalf of our client, Maple Leaf Cement Factory Limited, we, Next Capital Limited, are pleased to submit the Acquirer’s Public Announcement of Offer through a Competitive Bid to acquire 160,762,209 ordinary shares (37.86% of the issued and paid-up ordinary shares capital) and control of Agritech Limited at a price of PKR 39.00 per share. This PAO-CB is made under the Securities Act, 2015 and the Listed Companies Regulations, 2017,” read the notice sent to the PSX.
This offer comes as a competitive bid against an earlier proposal by Fauji Fertilizer Company Limited (FFC), which offered to acquire 151,052,013 shares at Rs 38.84 per share.
By offering a higher price and targeting a larger number of shares, MLCF aims to gain control of Agritech, positioning itself as the more attractive bidder.
MLCF’s PAO-CB documents have also been dispatched to the Securities and Exchange Commission of Pakistan (SECP) to meet regulatory requirements.
Last month, Fauji Fertilizer acquired an additional 106,614,632 voting shares of Agritech Limited at the price of Rs 37.42 per share amounting to a total of Rs3.98 billion.
Earlier, the National Bank of Pakistan (NBP) announced to divest its entire shareholding in Agritech including 106,014,632 ordinary shares, 61,748,756 listed convertible non-voting redeemable cumulative preference shares, and 248,639,905 non-convertible redeemable cumulative preference shares with limited voting rights.
